If you're a business owner, receiving a letter from the Internal Revenue Service or Maryland State Department of Assessments and Taxation can be intimidating. It may be tempting to ignore the inquiry in hopes that it's a minor issue that can be addressed later, but...
Month: September 2018
Maryland woman sentenced in false tax returns case
A federal judge in Maryland has sentenced a 45-year-old Baltimore County woman to seven years in prison for identity theft and filing fraudulent income tax returns with the Internal Revenue Service. A jury returned guilty verdicts on 14 counts of wire fraud,...
Bankruptcy will not solve your issues with IRS tax liens
When people get into trouble, bankruptcy is often the last resort solution they turn to. Depending on an individual's assets and income, either Chapter 7 or Chapter 13 bankruptcy could offer some form of relief. After all, bankruptcy provides an automatic stay against...
The impact a tax lien has on creditworthiness
Maryland residents who owe money to the Internal Revenue Service could have a tax lien placed on their property. This is true whether a person owes personal or business taxes. When a lien is placed on an item, the government is saying that it has a legal interest in...
Practitioners See No Rush to Add Cryptocurrency to Badges of Fraud
Published in Tax Notes, Aug. 27, 2018, pp. 1327-1329. By Nathan J. RichmanBetween possible non-tax-evasion motives foreven the most secretive uses of virtual currencies and the long list of open tax questions, practitioners say the IRS shouldn't hurry to amend its...
How Maryland regulates its lottery
The state of Maryland offers a variety of lottery games that individuals can play to earn cash prizes. In some cases, those prizes will be given to a custodial parent or to the government itself. This is true for those who owe more than $150 in back support or who...